Guadalupe de la mata Presentation eu china trade project Microfinance in the EU

欧盟小额贷款经验研讨会
EU-China Trade Project II Workshop on
Microfinance in the EU
2012 年 4 月 26-27 日, 成都
26-27 April 2012, Chengdu
承办:中国-欧盟世贸项目（二期）
Supported by: The EU-China Trade Project (II)
This publication has been produced with the assistance of the European Union. The contents of this publication
are the responsibility of the implementing partners and cannot be taken to reflect the views of the European Union
本出版物由欧盟协助制作，其内容应由执行方负责，并不代表欧盟观点。

目录
Table of Contents
关于中国－欧盟世贸项目（二期） 1
About the EU‐China Trade Project (II) 2

日程 3
Agenda

4
演讲者介绍 5
About the Speakers 7

演讲材料
Presentations

欧盟多边金融机构在农村金融农村小微信贷的角色
社会创新改进中心主任 Guadalupe de la Mata
9
Role of EU Multilateral Institutions in Microfinance
Guadalupe de la Mata, Director, Centre of Innovation for Social Change

21
欧洲小额信贷法律和监管框架
SOFI 执行董事 Christophe Guene Michele Bang
33
Microfinance in the European Union: Legislative Frameworks
Christophe Guene, Executive Director, SOFI asbl
43

欧盟多边金融机构在农村金融
农村小微信贷的角色
工具与计划
社会变革创新中心 (CISC)
www.innovationforsocialchange.org
欧洲小额信贷和金融
农村地区缺乏资金的可获取性农村地区缺乏资金的可获取性
小额贷款作为农村地区改善融资的工具小额贷款作为农村地区改善融资的工具
改善农村地区的融资：欧盟 IFIS的战略改善农村地区的融资：欧盟 IFIS的战略
金融工具和机构金融工具和机构
案例学习和举例案例学习和举例

Recurrently Insufficient Access to Rural finance in
the region
非正式储蓄与征信
机制
商业银行
目前存在但不充分无法使他们的金融
产品适应贫穷和孤
立客户的需要
官方农业信贷机构
干扰问题以及较低
的还款率令人沮丧
将信用构件与项目
相结合
在还款、可持续性
和影响方面出现令
人沮丧的结果
金融可获取性的问题
解决方案：支持小额信贷机构
小额贷款与储蓄
较短的贷款期限
付款方式经常为
分期付款（或经
常性储蓄）
贷款的利率较高
易于获得小额贷
款中介
易于完成的简单
申请表格
较短的处理期限
对于还款及时的
客户能够重复获
得更高数额
与正式银行的做
法不同，无需提
供抵押
小额信贷作为一项符合行为准则的行为已经创建了金融产品和服务，
使低收入人群成为银行中介的客户

小额信贷在发展中发挥的作用

欧盟增加金融可获取性的战略
战略：通过支持
改善农村企业的
融资
战略：通过支持
改善农村企业的
融资
当地的专业金融
机构
当地的专业金融
机构
小额贷款投资工
具
小额贷款投资工
具
机制
8 8
农村私人部门
投资工具
IFIS 与捐赠
政府
个人投资者机构投资者

小额贷款投资工具
利息小额贷款
小额
短期
本地货币
小额贷款机构
小微银行
融资（主要
为债务）
MIV
小型企业家
资料来源：
ADA
大额
长期
硬通货
私人投资者
机构投资者
公共/非盈利投资者
对冲
投资回报
回报
10
通过当地小额贷款中介提供支持
小型企业家、小型企业和中小企业
本地金融中介（银行、小额贷款机构、合作社）
贷款技术援助
国际金融机构
贷款股权担保技术援助
10

机构
欧洲之外的欧
盟农村金融
欧洲之外的欧
盟农村金融
欧洲投资
银行
欧洲复兴
开发银行
欧洲内部的欧
盟农村金融
欧洲内部的欧
盟农村金融
欧洲投资
基金
1. 欧洲投资银行 (EIB)
治理结构
•理事会– 欧盟财长
•董事会‐ 成员国与欧洲委员会
•管理委员会–EIB的执行机构
•审计委员会——独立、非居民
目标
•在欧盟内部：
•衔接与融合
•中小企业 (SMEs)
•环境可持续性
•2010创新举措 (i2i)
•跨欧洲网络 (TENs)
•可持续、竞争和安全能源
•在欧盟外部：
•私人部门发展
•基础设施发展
•能源供应安全
•环境可持续性
•通过外国之间投资（FDI）方式对欧盟在
亚洲和拉美的业务提供支持
附属机构： EIF (欧洲投资基金)
按照罗马条约于1958年建立欧盟长期贷款银行

EIB的资金分解
EIB 与小额贷款
地区
• 撒哈拉以南非洲
地区
• 加勒比和太平洋
地区
• 欧洲‐地中海地区
资金来源与数
量
• 35个小额贷
款项目共计
8.81亿欧元
（2011年7月）
• 资金来源：
• 自有资源
• 欧盟任务
工具
• 通过金融机
构
• 信贷限额
• 股权投资
• 担保
• 通过小额贷
款投资工具

EIB的欧洲‐地中海投资与合作便利委员
会 (FEMIP)
从2002年10月开始
运营，致力于增强
欧姆与地中海伙伴
国家的对话与合作
从2002年10月开始
运营，致力于增强
欧姆与地中海伙伴
国家的对话与合作
金额
• 在2007‐2013期间,
FEMIP 已处置了107亿
欧元
金额
• 在2007‐2013期间,
FEMIP 已处置了107亿
欧元
目标
• FEMIP 鼓励地中海伙伴
国家的经济实现现代
化和开放。
目标
• FEMIP 鼓励地中海伙伴
国家的经济实现现代
化和开放。
两个优先发展领域：
• 私人部门发展
• 创建投资友好型环境
两个优先发展领域：
• 私人部门发展
• 创建投资友好型环境
农村小额信贷基金举例：农村脉冲基金
(RIF I)
概念
•针对农村小额贷款投资。通过债务和
股权投资，它将对为贫困农村地区提
供金融服务的商业MFI进行投资。
概念
•针对农村小额贷款投资。通过债务和
股权投资，它将对为贫困农村地区提
供金融服务的商业MFI进行投资。
主要投资人:
•其主要投资人包括BIO、 EIB、 FMO、
IFC、KBC 私人股权和 Incofin cvso.
主要投资人:
•其主要投资人包括BIO、 EIB、 FMO、
IFC、KBC 私人股权和 Incofin cvso.
资金规模:
•3800万美元 / 3000万欧元 (封闭基金）
•截至2011年10月31日投资规模为3590
万美元 / 2570万欧元
资金规模:
•3800万美元 / 3000万欧元 (封闭基金）
•截至2011年10月31日投资规模为3590
万美元 / 2570万欧元
投资重点:
•债务与股权投资、为贫困农村地区提
供金融服务的商业MFI进行投资
投资重点:
•债务与股权投资、为贫困农村地区提
供金融服务的商业MFI进行投资
地理范围:
•发展中国家，ACP国家占至少25%的比
例 (主要为撒哈拉以南非洲地区)
•法律机构： SICAV‐FIS
•注册国家：卢森堡
•最低投资规模： 125.000欧元
地理范围:
•发展中国家，ACP国家占至少25%的比
例 (主要为撒哈拉以南非洲地区)
•法律机构： SICAV‐FIS
•注册国家：卢森堡
•最低投资规模： 125.000欧元

2. 欧洲复兴开发银行
• 1994 – 2009: 投资15亿欧元
• 该地区最大的MSME投资者 (31%)
• 目前的资本投资总和：7.67亿欧元
• 平均贷款额：4,700欧元
• 109 个中介机构：
• 62 家商业银行
• 34 家非银行MFIs
• 13 家小额贷款银行
• 地区基金投资 (EFSE)
EBRD 小额贷款产品组合

3. 欧洲投资基金 (EIF)
股东
• EIB
• 欧洲委员会
• 其他欧洲金
融机构
资源：
• 自有资金——
认购资本
• 欧盟计划
• 信托业务
(EIB,德国政府
)
2007年的数字
（签字）：
• 风险资本基
金: 5.21亿欧
元
• 担保业务：
13.97亿欧元
如何工作？

运行过程中汲取的教训
需要针对广泛的金融机构开展工作（小额贷款、银行、租赁、保险等）需要针对广泛的金融机构开展工作（小额贷款、银行、租赁、保险等）
需要补充新的农业工具（例如与天气相关的保险、仓库收据、价值链融
资）
需要补充新的农业工具（例如与天气相关的保险、仓库收据、价值链融
资）
从单纯的信贷额度转向 TA 从单纯的信贷额度转向 TA
良好的捐赠合作作用较大（利用每一个捐赠者的比较优势）良好的捐赠合作作用较大（利用每一个捐赠者的比较优势）
这一体制必须开展协调工作努力确保城市和农村部门更具竞争力这一体制必须开展协调工作努力确保城市和农村部门更具竞争力

Role of EU Multilateral
Institutions in Microfinance
Instruments and Schemes
Centre of Innovation for Social Change
(CISC)
Microfinance in Europe
Lack of access to finance in the rural sectorLack of access to finance in the rural sector
Microfinance as a tool to improve access to finance in rural areasMicrofinance as a tool to improve access to finance in rural areas
Improving access to finance in rural areas: EU IFIS´s strategyImproving access to finance in rural areas: EU IFIS´s strategy
Financial instruments and institutionsFinancial instruments and institutions
Case studies and examplesCase studies and examples

Recurrently Insufficient Access to Rural finance in
the region
Informal
savings
& credit
mechanisms
Commercial
Banks
Exist but are
insufficient
Cannot adapt
their financial
products to the
needs of poor
and isolated
clients
Official
agricultural
credit
institutions
Problems of
interference and
low repayment
rates is
discouraging
Integrated
projects with
credit
component
Disappointing
results in terms
of repayment,
sustainability
and impact
Lack of access to capital in the rural sector
Solution: supporting microfinance institutions
Small amounts of
loans and savings
Short loan terms
Payment schedules
featuring frequent
instalments (or
frequent deposits)
High interest rates on
credit
Easy access to the
microfinance
intermediary
Simple application
forms which are easy
to complete
Short processing
periods
The availability of
repeat loans in higher
amounts for clients
who pay on time
No collateral is
required contrary to
formal banking
practices.
Microfinance as a discipline has created financial products and services that
are packaged in a way that enables low‐income people to become clients
of a banking intermediary.

Microfinance role in development

EU Access to finance in the rural sector: Strategy
Strategy:Improve
access to finance for
rural enterprises by
supporting
Strategy:Improve
access to finance for
rural enterprises by
supporting
local specialised
financial institutions
local specialised
financial institutions
Microfinance
investment vehicles
Microfinance
investment vehicles
Mechanisms
8 8
Rural private sector
Investment
Vehicles
IFIS and Donors
Governments
Individual
investors
Institutional
Investors

Microfinance Investment Vehicles
InterestsMicrocredits
Low amount
Short term
Local currency
Microfinance Institution
Microbank
Financing
(mainly debt)
MIV
Micro-entrepreneurs
Source: ADA
Large amount
Long term
Hard currency
Private
investors
Institutional
investors Public/non-profit
investors
hedging
Investment Return
Return
10
Support through local microfinance
intermediaries
Microenterpreneur, microenterprises and SMEs
Local financial intermediaries (Banks, microfinance institutions, cooperatives)
Loans Technical assistance
International Financial Institutions
Loans Equity Guarantees Tecnical assistance
10

Institutions
EU rural finance
outside Europe
EU rural finance
outside Europe
European
Investment Bank
European Bank for
Reconstruction
and Development
EU rural finance
in Europe
EU rural finance
in Europe
European
Investment Fund
1. The European Investment Bank (EIB)
Governance
•Board of Governors – EU Finance Ministers
•Board of Directors ‐ Member States & European
Commission
•Management Committee –EIB’s executive body
•Audit Committee – independent, non‐resident
Objectives
•Within the Union:
•Cohesion and convergence
•Small and medium enterprises (SMEs)
•Environmental sustainability
•Innovation 2010 Initiative (i2i)
•Trans‐European Networks (TENs)
•Sustainable, competitive and secure energy
•Outside the Union:
•Private sector development
•Infrastructure development
•Security of energy supply
•Environmental sustainability
•Support for EU presence in Asia and Latin
America via Foreign Direct Investment (FDI)
Subsidiary: EIF (European Investment Fund)
European Union’s long‐term lending bank set up in 1958 by the Treaty of Rome.

Breakdown of the EIB’s capital
EIB and microfinance
Regions
• Sub‐Saharan Africa
• Caribbean and
Pacific
• Euro‐
Mediterranean
region
Fund origins and
volume
• EUR 881 million
(July 2011) in 35
microfinance
projects
• Fund origins:
• own resources
• EU mandates
Instruments
• Through financial
institutions
• Lines of credit
• Equity
investments
• Guarantees
• Through
Microfinance
Investment
Vehicles

EIB´s Facility for Euro‐Mediterranean
Investment and Partnership (FEMIP)
Operational since October 2002
to contribute to an enhanced
dialogue and cooperation
between the European Union
and the Mediterranean partner
countries.
Operational since October 2002
to contribute to an enhanced
dialogue and cooperation
between the European Union
and the Mediterranean partner
countries.
Amount
•Over the period 2007‐2013, FEMIP has
at its disposal EUR 10.7 billion
Amount
•Over the period 2007‐2013, FEMIP has
at its disposal EUR 10.7 billion
Objective
•FEMIP encourages the modernization
and opening‐up of the economies of the
Mediterranean partner countries.
Objective
•FEMIP encourages the modernization
and opening‐up of the economies of the
Mediterranean partner countries.
two priority areas:
•the development of the private sector,
and
•the creation of an investment‐friendly
environment.
two priority areas:
•the development of the private sector,
and
•the creation of an investment‐friendly
environment.
Example of Rural microfinance fund:
Rural Impulse Fund (RIF I)
Concept
•investment fund for rural
microfinancing. Through debt and equity
investments, it invests in commercial
MFIs that offer financial services in
disadvantaged rural areas.
Concept
•investment fund for rural
microfinancing. Through debt and equity
investments, it invests in commercial
MFIs that offer financial services in
disadvantaged rural areas.
Main investors:
•Its main investors include BIO, EIB, FMO,
IFC, KBC Private Equity and Incofin cvso.
Main investors:
•Its main investors include BIO, EIB, FMO,
IFC, KBC Private Equity and Incofin cvso.
Fund size:
•38 mln USD / 30 mln EUR (closed end)
•Invested portfolio on: 2011‐10‐3135.9
mln USD / 25.7 mln EUR
Fund size:
•38 mln USD / 30 mln EUR (closed end)
•Invested portfolio on: 2011‐10‐3135.9
mln USD / 25.7 mln EUR
Investment focus:
•Debt and equity investments Invest in
commercial MFIs that offer financial
services in disadvantaged rural areas
Investment focus:
•Debt and equity investments Invest in
commercial MFIs that offer financial
services in disadvantaged rural areas
Geographic scope:
•Developing countries with a minimum of
25% in ACP countries (principal Sub‐
Sahara Africa)Legal structure: SICAV‐FIS
•Country of incorporation: Luxembourg
•Minimum investment size: EUR 125.000
Geographic scope:
•Developing countries with a minimum of
25% in ACP countries (principal Sub‐
Sahara Africa)Legal structure: SICAV‐FIS
•Country of incorporation: Luxembourg
•Minimum investment size: EUR 125.000

2. European Bank for Reconstruction and
Development
• 1994 – 2009: € 1.5 billion invested
• Largest MSME investor in the region (31%)
• Total current portfolio: €767 m
• Average loan amount: €4,700
• 109 intermediaries :
• 62 commercial banks
• 34 non bank MFIs
• 13 Microfinance bank
• Investment in a Regional Fund (EFSE)
EBRD Microfinance portfolio

3. The European Investment Fund (EIF)
Owned by:
• EIB
• European
Commission
• Other
European
financial
institutions
Resources:
• Own funds –
subscribed
capital
• EU
programmes
• Trust
operations
(EIB, German
Government)
2007 figures
(signatures):
• Venture capital
funds: EUR
521m
• Guarantee
operations:
EUR 1397m
How does it work?

Lessons learned from operations
Need to work on a wide range of financial institutions (microfinance,
banks, leasing, insurance….)
Need to work on a wide range of financial institutions (microfinance,
banks, leasing, insurance….)
Need to complement with new tools for agriculture (e.g. weather‐related
insurance, warehouse receipts, value chain financing)
Need to complement with new tools for agriculture (e.g. weather‐related
insurance, warehouse receipts, value chain financing)
Shift from pure credit lines to TA Shift from pure credit lines to TA
Good donor cooperation makes considerable difference (use each
donor’s comparative advantage).
Good donor cooperation makes considerable difference (use each
donor’s comparative advantage).
The system has to work in coordination with efforts to make the rural and
agricultural sectors more competitive
The system has to work in coordination with efforts to make the rural and
agricultural sectors more competitive

sofi
欧洲小额信贷法律
和监管框架
成都
2012年4月26日
Christophe Guene
sofi
概述
I. 政策框架
II. 小额贷款与农村发展
www.sofi.be

sofi
I. 政策框架
欧盟政策框架及其对
小额贷款的作用
sofi
影响欧盟小额贷款的政策框架
1. 监管政策
 欧盟银行业监管 
 欧盟消费者保护法规
 欧盟竞争监管
1. 监管政策
 国家银行业监管 
www.sofi.be
2. 财政预算政策
 欧洲地区发展基金 
 欧洲社会基金
 欧洲小型企业政策
 （欧洲乡村发展基金）
2. 财政预算政策
 （参见各国的欧盟基金方案）
欧盟层面成员国层面

sofi
欧盟银行业监管
目标：
 为金融服务提供一个“公平竞争环境”
 为人民储蓄提供保障
 （减少银行过剩现象）
措施：
 趋同的监管框架以及单一执照
 银行垄断存款业务
 准入门槛高（资本至少达到5百万欧元）
www.sofi.be
sofi
国家银行业监管
 （作为一条通用规则，欧盟法规构成适用于所有成员国的最低标
准）。各成员国可以在其各自的层面上添加更为严格的规定。
 除了银行对存款的垄断外，大约有10个欧盟成员国都增加了银行
对信贷的垄断，也就是说，只有银行（不受各银行基金性质的约
束）可以发放信贷：以下各国均是如此…
德国、西班牙、葡萄牙、瑞典、希腊、奥地利、芬兰、捷克共和国
、荷兰、丹麦
www.sofi.be

sofi
欧盟成员国按小额贷款法规分类
www.sofi.be
实行银行垄断存款和信贷的成员国只实行银行垄断存款的成员国
- 德国、奥地利、捷克共和国、西班牙、丹麦、
瑞典、希腊、芬兰…
- 难以建立小额贷款制度的国家
- 在这些国家中，小额贷款是…
1. 不存在的，或者
2. 通过银行合作伙伴执行，或者
3. 由政府机构执行
- 监管者为一般银行监管当局
- 比利时、意大利、英国、爱尔兰、波兰、匈牙利、
斯洛伐克、法国…
- 由非银行机构执行小额信贷，无需任何特殊授权
（比利时、英国、爱尔兰…）或者不必只能在特
殊的法律条件下执行（意大利、法国…）
- 监管：在需要特殊状态时，可以无需监管，也可
以由中央银行执行。
例外情况：
- 制定了小额信贷法律的国家允许由专门的MFI
发放信贷：罗马尼亚、葡萄牙
- 监管：中央银行（罗马尼）
例外情况：
- 不执行欧盟银行业法律关于信贷联盟政策的国家
（爱尔兰、英国、波兰、拉脱维亚、爱沙尼亚）
- 监管：主要以自我监管结合中央机关监管
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欧盟消费者保护法规
内容：
 为信贷产品规定了最低信息要求和标准计息方法，从而使信贷产
品具有可比性。
将欧盟法规纳入各成员国的法律体系：
 多数成员国已经在他们的消费者保护法中增加了利率上限。这些
上限根据贷款产品的类型变化，并且需要服从根据经济形式做出
的调整。
范围：
 但是，本立法的焦点是消费者贷款，而不是专业用途的贷款，也
就是说这些条款并不优先适用于小额信贷。
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sofi
欧盟消费者保护法规
虽然如此，在以下情况下消费者保护法规也适用于小额信贷
：
 发放划分为消费者贷款的家庭贷款（例如在意大利和西班牙）的
小额贷款机构（MFI）；
 发放不区分贷款用途的个人贷款的MFI（例如信贷联盟）；
 确定消费者保护法规同样适用于小额信贷的发放的成员国（如罗
马尼亚的小额贷款法所做规定）；
 特殊MFI或者MFI网络（例如在德国）自愿采用这些标准的情况下
。
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津贴
竞争监管：
 津贴需要遵守“国家补助规则”，此规则旨在限制市场扭曲；
津贴的性质：
 对于小额贷款，这意味着不允许直接在制度上提供支持。津贴专
门针对“最终受益人”发放。
 常见的支持是为MFI提供信贷资金、担保、技术援助以及为信贷受
益人提供培训和配套措施。
 如果是信贷资金，则MFI会被授予某一有限的百分比来覆盖其运营
成本。
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津贴
津贴水平：
 津贴的百分比取决于市场失灵的程度：被认为落后的地区（例如
新成员国）、具有结构性困难的地区（危机区域、偏远地区等）
，或者目标集团被视为特别贫穷的目标集团的比例都比较高。
 根据小额贷款是遵守创业目标还是社会共融目标，津贴可以在15%
至85%之间变化。
基金：
 欧盟在现有可用的基金中，有些是集中管理并且直接用来支持MFI
的。但是较大型的基金（例如：区域发展基金和社会基金）由成
员国管理，但是并不是专门针对小额贷款的。这些基金在整个欧
盟内部的使用是不平均的。
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sofi
II. 欧盟小微贷款与
农村金融
以往欧洲农村金融和新型小额
贷款取得成功的因素

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有助于欧洲农村（微观）金融的元素
1. 瑞弗森合作社模型
1. 自助型：如果其他金融机构的服务不够完善，此模型可以让人们
轻松启动他们自己的金融机构。
 资本化:合作社由来自其成员的资金增加了自身的资金，并且按照
相同的过程将其成员资本化，并且生成强有力的管理链。
 .本地管理：经理们需要对其成员负有责任。
 信贷不是仅仅基于项目本身，而是基于该人的全部资产，包括他/
她的个人素质。
 本地经济：合作社将当地的资金回流到当地的经济之中，既能巩
固生产能力，又能提高需求潜力。
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2. 竞争
 在农村也实行几个银行网络（信贷合作社、储蓄机构、地方性银
行、邮局银行）共存的制度可以让每个此种网络都能保持纪律性
，并且快速响应农村需求。
3. 专业化
 本地金融机构都与合格网络或者专业联盟相关联，以便保持其管
理的专业性，以及了解新的风险和机遇。
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4. 缓解农村风险
 特别是合作社帮助联合资源（机械、运输、仓储），从而降低其
成员国的市场风险。
 欧盟从20世纪60年代起就已经通过最低价格担保和承担极端气候
危险在稳定农业市场和保障农民方面发挥重要作用。
5. 城乡混合
 从金融上让农村与城市相关联已经成为降低与农业生产过程相连
接的金融波动（和风险）至关重要的措施。
www.sofi.be
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新型小额贷款和农业
只注重农业是非常有限的
 小额信贷对于重大的农业投资来说微不足道。
 农业本身的风险太大
 土地财产和房地产太过昂贵，不能作为小型贷款的抵押。
 农业板块在多数成员国中都非常有限。
 合作社的活动（更适合于农村地区）都需要依法接受新银行业法
规的约束。
www.sofi.be

sofi
新型小额贷款与农业
聚焦农村发展：
 在农业领域，关注高附加值作物（鲜切花、早季节蔬菜和水果…）和
可交易的家畜（牛、家禽…）；
 为小型农业的转型和附加值投资（机械、温室、汽车…）提供融资；
 多样化活动融资（农村旅游业、小型店铺…）；
 金融与公共政策服务（农民培训或者农村妇女培训、新活动板块的
发展…）相结合；
 发展基于储蓄的金融
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IT在农村金融方面的创新
 由于银行板块较高的渗透性，IT创新不像其他大陆一样发
达；
 一些创新：
 手机短信改善还贷（法国、德国）
 通过网络平台执行个人对个人借款和群众融资（法国、德国、英
国、奥地利…）
 通过电子货币将小额信贷与交易相关联。
www.sofi.be

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Microfinance in the
EU: Legislative
Frameworks
Chengdu
26 April 2012
Christophe Guene
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overview
I. Policy framework
II. Microfinance and Rural development
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I. Policy Framework
The EU policy frameworks
and their effects on
microfinance
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Policy frameworks with an impact on
microfinance in the EU
1. Regulatory policy
 EU Banking regulation 
 EU Consumer protection
regulation
 EU Competition regulation
1. Regulatory policy
 National Banking regulation 
www.sofi.be
2. Budgetary policy
 European Regional
Development Fund 
 European Social Fund
 Eur. Small Enterprise Policy
 (European Rural Development
Fund)
2. Budgetary policy
 (see national programming of
EU Funds)
EU Level Member State Level

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The EU Banking Regulation
Objectives:
 A “competitive level playing field” for financial services
 Secure people’s savings
 (Reduce over-banking)
Measures:
 Single Banking Status (and single supervision)
 Bank monopoly on deposits
 High entrance hurdle (€ 5 mln minimum capital)
www.sofi.be
sofi
The National Banking Regulation
 (As a general rule, EU regulations form the minimum standard
that applies to all Member States. Member States are allowed to
add stricter rules at their levels.)
 In addition to the Bank monopoly on deposits, about 10 EU
Member States have added a bank monopoly on credits, i.e. only
banks (independent of the nature of their funds) are allowed to
deliver credits: this is the case in …
Germany, Spain, Portugal, Sweden, Greece, Austria, Finland, the
Czech Republic, the Netherlands, Denmark
www.sofi.be

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Categorisation of EU Member States
by microfinance regulation
www.sofi.be
Member States with a bank
monopoly on deposits and on credit
Member States with a bank monopoly on
deposits only
- Germany, Austria, Czech Republic, Spain,
Denmark, Sweden, Greece, Finland …
- Countries where MF is most difficult to
establish.
- In these countries microfinance is …
1. non existent, or
2. practiced through bank partnerships or
3. practiced by Government institutions
- Supervision : by normal banking authority
- Belgium, Italy, UK, Ireland, Poland, Hungary,
Slovakia, France …
- The practice of microcredit as a non-bank is
possible either without any specific authorisation
(Belgium, UK, Ireland …) or under a specific
legal status only (Italy, France, …)
- Supervision: either no supervision or by Central
Bank when specific status required
Exemptions:
-Countries with Microcredit laws allowing
specific MFIs to practice credit: Romania,
Portugal
-Supervision: Central Bank (Romania)
Exemptions:
-Countries with exemptions from the EU banking
law for credit unions (Ireland, UK, Poland, Latvia,
Estonia)
-Supervision: mainly self-supervised combined with
Central Authority supervision
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The EU Consumer Protection
Regulation
Contents:
 Prescribes the minimum information requirements of credit
products and the standard interest calculation method to make
credit products comparable.
National transposition:
 The majority of the Member States have added interest rate
ceilings in their national consumer protection laws. These
ceilings vary by type of loan products and are subject to
adjustments depending on economic context.
Scope:
 The focus of this legislation however is on consumer loans, not
on loans for professional purpose, i.e. they do not a priori apply
on microcredits.
www.sofi.be

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The EU Consumer Protection
Regulation
Cases where the consumer protection regulation applies
nevertheless on microcredits:
 in the case of Microfinance institutions (MFIs) that offer family
loans (such as in Italy and in Spain) that are assimilated to
consumer loans;
 In the case of MFIs that provide personal loans that don’t
distinguish the purpose of the loan (such as with credit unions);
 In the case of Member States that decide that consumer
protections apply also to the delivery of microcredits (as
prescribed in the microfinance law in Romania);
 In the case of the voluntary adoption of these standards by
specific MFIs or MFI networks (such as in Germany);
www.sofi.be
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Subsidies
Competition Regulation:
 Subsidies are exposed to “State-Aid Rules” that are intended to
limit market distortions;
Nature of subsidies:
 For microfinance this means that direct institutional support is not
allowed. Subsidies are intended for the “final beneficiaries”.
 Typical support is in the form of loan capital, guarantees,
technical assistance for the MFI and training and accompanying
measures for credit beneficiaries.
 In the case of loan capital, the MFI is granted a limited
percentage to cover its running costs.
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Subsidies
Level of subsidies:
 The percentage of the subsidies depends on the level of market
failure: it will be higher for regions that are considered to be
lagging behind (e.g. the new Member States) or in structural
difficulty (crises areas, remote areas …) or for target groups
considered to be particularly disadvantaged.
 Depending on whether microfinance follows a business creation
agenda or a social inclusion agenda, subsidies can vary from
15% to 85%.
Funds:
 Among the funds available, some are centrally managed and
directly targeted at supporting MFIs. The larger funds however
(e.g. the Regional Development Fund and the Social Fund) are
managed by the Member States but are not specifically designed
for microfinance. They are very unevenly used across the EU
www.sofi.be
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II. Micro and rural
finance in the EU
Factors of success for past
European rural finance and
new microfinance

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Elements that have contributed to
rural (micro-) finance in Europe
1. The Raiffeisen cooperative model
 A self-help model: allows people to easily start their own financial
institution if they are not served well by other ones
 Capitalisation: the cooperative raises its own funds from its
members and it capitalises its members in the same process and
generates strong governance links.
 Local governance: managers are accountable to their members.
 Relationship finance: credits are not based on the project alone,
but on all assets of the person, including his / her personal
qualities.
 Local economy: the coop recycles local capital back into the local
economy and strengthens both the productive capacity and the
demand potential.
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2. Competition
 The co-existence of several banking networks (credit coops,
savings institutions, communal banks, post-office banks,), also in
the rural areas, has kept each of these networks disciplined and
responsive to rural needs.
3. Professionalisation
 Local financial institutions were connected to competency
networks or professional federations to keep their management
professional and informed about new risks and opportunities.
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4. Mitigation of rural risks
 Cooperatives in particular have helped to pool resources
(machines, transport, storage …) to reduce market risks for their
members.
 The EU has from the 1960s on played an important role to
stabilise agricultural markets and secure farmers by guaranteeing
minimum prices and by covering extreme climate hazards.
5. Rural-urban mix
 Financially connecting the rural world with the urban world has
been crucial to reduce the financial fluctuations (and risks) linked
to the agricultural production cycle.
www.sofi.be
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New microfinance and agriculture
Focus on Agriculture is very limited
 Microcredits are too small for significant agricultural investments
 Agriculture considered too risky in itself
 Land property and real estate is too expensive to take as
collateral for small loans
 Agricultural sector is very limited in the majority of the Member
States
 Cooperative activities (who are better suited for rural areas) are
legally limited by new banking regulation
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New microfinance and agriculture
Focus on Rural Development:
 In agriculture, focus on high added value crops (cut flowers, early
season vegetables and fruits …) and tradable livestock (cattle,
poultry …);
 Finance for small agricultural transformation and added-value
investments (machines, greenhouses, vehicles, …);
 Finance for diversification activities (rural tourism, small
shops…);
 Combination of finance with public policy services (training of
farmers or of rural women, development of new activity sectors
…);
 Development of savings-based finance.
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IT innovations for rural finance
 IT innovations are not as developed as on other
continents due to fairly high penetration of the banking
sector;
 Some innovations :
 Mobile SMS communications to improve loan repayments
(France, Germany …)
 Peer-to-peer lending and crowd-financing via internet platforms
(France, Germany, UK, Austria …)
 Microcredit linked to transactions made via local e-currencies.
www.sofi.be

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